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Capitol Report: Biden to meet with 19 companies on chip shortage

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President Joe Biden on Monday is due to take part in a virtual meeting with executives from 19 companies as part of his administration’s effort to address an ongoing chip shortage.

Around noon Eastern, Biden is slated to “briefly” join a “CEO Summit on Semiconductor and Supply Chain Resilience,” the White House said.

The executives are expected to include Google parent Alphabet’s
GOOG,
-1.22%

GOOGL,
-1.06%
,
CEO, Sundar Pichai, along with Dell
DELL,
-0.47%

CEO Michael Dell, General Motors
GM,
-1.04%

CEO Mary Barra and Intel
INTC,
-0.23%

CEO Pat Gelsinger.

The other companies sending a CEO or other high-level exec are AT&T
T,
-0.13%
,
Cummins
CMI,
+0.48%
,
Ford
F,
-0.96%
,
Global Foundries, HP
HPQ,
-0.98%
,
Medtronic
MDT,
+0.06%
,
Micron
MU,
+0.46%
,
Northrop Grumman
NOC,
-0.04%
,
NXP
NXPI,
-1.40%
,
Paccar
PCAR,
+1.20%
,
Piston Group, Samsung
005930,
-0.48%
,
SkyWater Technology
SKYT,
,
Stellantis
STLA,
+0.42%

and Taiwan Semiconductor Manufacturing Company
TSM,
-1.99%
.

National Security Adviser Jake Sullivan and National Economic Council Director Brian Deese are hosting the summit, with Commerce Secretary Gina Raimondo also participating.

Ahead of the meeting, the Semiconductor Industry Association said it’s “an important opportunity for a discussion on the need to fund investments in domestic semiconductor manufacturing and research to help ensure the long-term strength and resilience of America’s semiconductor supply chain.”

Chips
SMH,
-1.40%

SOXX,
-1.26%

have been hard to come by for months, causing difficulties for auto makers and other industries. The cause looks like a combination of increased demand as people scoop up electronics during the COVID-19 pandemic, limited manufacturing capacity to meet that demand, and the U.S.-China trade war.

The Biden’s administration’s actions in response to the shortage have included producing a February executive order that aims for reviews of supply chains for semiconductors and other critical goods, along with calling for $50 billion for the chip industry in his infrastructure proposal.

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